Price Sources

Overview

Price sources (NavData) provide USD-denominated pricing for all assets in the Multiliquid Program. Each asset can have 1-5 pricing sources, which are aggregated and validated during swap execution.

NAV Data Types

The program supports four types of NAV pricing sources:

U64FixedAddress

Read price from a fixed byte offset in an on-chain account.

NavData::U64FixedAddress {
    nav_account_address: Pubkey,  // Account containing price data
    nav_price_offset: u16,        // Byte offset to read price (as u64)
    price_decimals: u8,           // Decimal places (0-9)
}

How It Works:

Read account data at nav_account_address
Read u64 at byte offset nav_price_offset
Interpret value with price_decimals decimal places

Use Cases:

Custom price oracle accounts
RWA issuer-published NAV accounts
Any account storing price as u64 at known offset

Hardcoded

Static price value for stable-value assets.

NavData::Hardcoded {
    hardcoded_price: u64,   // Fixed price value
    price_decimals: u8,     // Decimal places (0-9)
}

How It Works:

Return hardcoded_price directly
Interpret with price_decimals decimal places

Use Cases:

Dollar-pegged stablecoins (USDC, USDT)
Assets with contractually fixed prices

PythPush

Pyth Network oracle integration for market prices.

NavData::PythPush {
    pyth_push_account_address: Pubkey,  // Pyth receiver price update account
    feed_id: [u8; 32],                  // Expected Pyth feed id
    max_age_secs: u64,                  // Maximum accepted price age
    max_conf_bps: u16,                  // Maximum accepted confidence ratio
}

How It Works:

Verify the configured account is owned by the Pyth receiver program and deserialize its PriceUpdateV2 data
Verify the account’s feed id matches feed_id
Require the update to be no older than max_age_secs
Require confidence to be within max_conf_bps unless it is zero (which disables this check)
Normalize the Pyth price and exponent into the program’s 9-decimal NAV format

Use Cases:

Market-priced assets with Pyth feeds
Real-time price updates
Cross-chain price consistency

Pyth oracle integration requires the correct receiver account and feed id. Stale updates, excessive confidence ratios, or feed-id mismatches will reject the source. The deployed programs use the Pyth Pro receiver rec2HHDDnjLfj4kE7VyEtFA1HPGQLK33259532cRyHp.

RedstonePush

Redstone PriceData account pricing.

NavData::RedstonePush {
    price_feed_account: Pubkey,
    feed_id: [u8; 32],
    max_age_secs: u64,
}

The source checks the configured account, feed ID, price, and age.

Price Aggregation

When multiple NAV sources are configured for an asset, the program performs price aggregation:

Aggregation Process

┌─────────────────────────────────────────────────────────┐
│                  Price Aggregation                       │
├─────────────────────────────────────────────────────────┤
│  1. Read all NAV sources                                │
│     Source 1: $1.0500 (6 decimals)                     │
│     Source 2: $1.0510 (8 decimals)                     │
│     Source 3: $1.0495 (6 decimals)                     │
│                                                         │
│  2. Normalize to 9 decimals                            │
│     Source 1: 1_050_000_000                            │
│     Source 2: 1_051_000_000                            │
│     Source 3: 1_049_500_000                            │
│                                                         │
│  3. Validate divergence (e.g., 100 BPS = 1%)          │
│     Max: 1_051_000_000                                 │
│     Min: 1_049_500_000                                 │
│     Diff: 0.14% ✓ (within threshold)                   │
│                                                         │
│  4. Calculate average                                   │
│     Average: 1_050_166_666 (9 decimals)               │
│     = $1.050166666                                     │
└─────────────────────────────────────────────────────────┘

Divergence Validation

The price_difference_bps setting controls maximum allowed price divergence:

// In AssetConfig
pub price_difference_bps: u16,  // Maximum divergence in basis points

Calculation:

divergence_bps = (max_price - min_price) / max_price × 10000

Behavior:

If divergence_bps > price_difference_bps: Return 0 (block swaps)
If within threshold: Return average price

Example:

price_difference_bps = 100 (1%)

Source 1: $1.05
Source 2: $1.06
Divergence: 0.95% ✓ Allowed

Source 1: $1.05
Source 2: $1.10
Divergence: 4.55% ✗ Blocked (returns 0)

Decimal Normalization

All prices are normalized to 9 decimal places internally:

Source Decimals	Raw Value	Normalized (9 decimals)	USD Value
6	1_050000	1_050_000_000	$1.05
8	105_000000	1_050_000_000	$1.05
9	1_050000000	1_050_000_000	$1.05

Normalization Formula:

normalized = raw_value × 10^(9 - source_decimals)

Reading NAV Accounts in Swaps

When executing swaps, NAV source accounts must be passed as remaining accounts. This example assumes stablecoin-as-quote ordering and Treasury disabled:

// Collect NAV source accounts for both assets and the configured fee token
const navAccounts = [
  // RWA NAV sources
  { pubkey: rwaOracleAccount, isWritable: false, isSigner: false },
  // Fee-token NAV sources (if distinct)
  { pubkey: feeNavAccount, isWritable: false, isSigner: false },
  // Stablecoin NAV sources (if not hardcoded)
  // ... additional accounts as needed
];

await program.methods
  .swap(amount, minOut, null, { quoteToBase: {} }, { exactIn: {} }, 0, 0)
  .accounts({ /* ... */ })
  .remainingAccounts(navAccounts)
  .rpc();

Hardcoded NAV sources don’t require external accounts. U64FixedAddress, PythPush, and RedstonePush sources need their accounts passed. Fee-token NAV accounts are also required; duplicate accounts can be included once.

Best Practices

Monitoring

Track NAV source health and availability
Alert on divergence events (swaps blocked)
Monitor Pyth oracle staleness
Verify issuer oracle updates regularly

Error Handling

Error	Cause	Solution
`InvalidNav`	Pyth or Redstone update is stale, malformed, or for a different Pyth feed	Wait for a fresh oracle update before swapping
`MissingRedstoneAccount`	Redstone price account was not passed	Include the configured Redstone account in remaining accounts
`FeedIdMismatch`	Redstone price account is for a different feed	Pass the configured Redstone price account
`PriceDecimalsTooLarge`	Redstone price reports more than 9 decimals	The source must report 9 or fewer decimals
`InvalidNavAccountOwner`	Pyth account has an unexpected owner	Pass a price-update account owned by the configured receiver program
`ConfidenceTooLow`	Pyth confidence ratio exceeds `max_conf_bps`	The source must satisfy the configured confidence limit
Price returns 0	Divergence exceeded	The sources must agree within `price_difference_bps`
`InvalidAccountPublicKey`	Required NAV source account was not passed	Include each non-hardcoded source account in remaining accounts

Next: Architecture Overview

Explore the program’s modular design and account structure

Overview

Instructions

Integration

Overview

NAV Data Types

U64FixedAddress

Hardcoded

PythPush

RedstonePush

Price Aggregation

Aggregation Process

Divergence Validation

Decimal Normalization

Reading NAV Accounts in Swaps

Best Practices

Monitoring

Error Handling

Next: Architecture Overview

​Overview

​NAV Data Types

​U64FixedAddress

​Hardcoded

​PythPush

​RedstonePush

​Price Aggregation

​Aggregation Process

​Divergence Validation

​Decimal Normalization

​Reading NAV Accounts in Swaps

​Best Practices

​Monitoring

​Error Handling

Next: Architecture Overview

Overview

NAV Data Types

U64FixedAddress

Hardcoded

PythPush

RedstonePush

Price Aggregation

Aggregation Process

Divergence Validation

Decimal Normalization

Reading NAV Accounts in Swaps

Best Practices

Monitoring

Error Handling